Hunt Capital Partners, SGI Ventures, and Austin Housing Authority Celebrate the Grand Opening of 100 Affordable Studio Homes for Austin's Unhoused
AUSTIN, Texas--(BUSINESS WIRE)--Hunt Capital Partners (HCP), in collaboration with developers SGI Ventures, Inc., and Austin Affordable Housing Corporation (AAHC), a nonprofit subsidiary of the Housing Authority of the City of Austin, celebrated the grand opening of Cady Lofts, a 100% Permanent Supportive Housing (PSH) community that offers housing stability to individuals who are experiencing chronic homelessness or have a disability that makes finding stable, affordable housing difficult to find. Cady Lofts adds 100 studio homes, supported by project-based vouchers, which will assist in covering residents' rents and utilities, helping to alleviate financial burdens and promote long-term stability for residents. Residents will also benefit from free onsite support services and case managers.
In 2023, Austin Point-in-Time Count, an annual federally mandated count that captures the number of individuals experiencing homelessness, revealed a total of 2,374 individuals—of which 41.8% were facing homelessness for the first time.
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To mark the special occasion, speeches were provided by key partners, city officials, and a resident including SGI Ventures, Inc. President Sally Gaskin, Austin City Mayor Kirk Watson, Housing Authority of the City of Austin President and CEO Mike Gerber, City of Austin District 9 Councilmember Zo Qadri, City of Austin Housing Interim Director Mandy de Mayo, and City of Austin Homeless Strategy Officer David Gray. The grand opening was followed by presentations and light refreshments.
'HACA, and its subsidiary AAHC, are fully committed to efforts to end homelessness in Austin,' said HACA President and CEO Michael Gerber. 'Collaborative projects like Cady Lofts, coupled with our commitments of housing vouchers and our partnerships with city leaders, and services agencies and philanthropic partners, are essential to securing stable housing and offering social and medical services to our most vulnerable populations.'
In 2023, Austin Point-in-Time Count, an annual federally mandated count that captures the number of individuals experiencing homelessness, revealed a total of 2,374 individuals—of which 41.8% were facing homelessness for the first time. Cady Lofts is a part of a citywide initiative to tackle the urgent housing needs of chronically homeless individuals, serving as one of nine PSH projects launched in the past year to provide effective housing solutions for Austin's most vulnerable residents.
Each studio home is fully furnished, featuring resilient flooring, solid surface kitchen countertops and bathroom vanities, air conditioning units, low-flow plumbing fixtures, along with Energy Star-rated appliances such as a stovetop, refrigerator, and microwave. The property includes central laundry, a computer lab, an outdoor courtyard, free wireless internet, elevators, a community warming kitchen, on-site recycling, and on-site offices with meeting/training rooms that can accommodate up to eight case management workers for service coordination. The property has 24/7 controlled access and full-time onsite staff.
Cady Lofts offers a range of wraparound services guided by Housing First best practices, which promote self-sufficiency and overall independence. Provided free-of-charge to residents by Endeavors, these services include access to benefits assistance, health screenings, job training, and a variety of classes ranging from fitness and nutrition classes to personal finance and tax preparation.
'As a longtime affordable housing developer, I recognized the critical need for Cady Lofts to be permanent supportive housing—addressing not just affordability but specifically serving our chronically homeless neighbors,' said SGI Ventures, Inc. President Sally Gaskin. 'Cady Lofts will advance our citywide PSH goals while offering residents stable housing in a walkable, transit-rich location where they can fully participate in central Austin's resources and amenities.'
The development is strategically located in an opportunity-rich area near essential amenities and public transportation, offering residents easy access to jobs, healthcare, and educational resources without needing to drive. Cady Lofts is proximate to over 30,000 jobs within a one-mile radius and is within walking distance to high-frequency bus stops, St. Davids Medical Center, and the Hancock Shopping Center which includes an HEB and a CommUnityCare Walk-In Clinic.
'Cady Lofts provides a much-needed lifeline for Austin's unhoused community, offering crucial support through its PSH model,' said HCP Chief Operating Officer Amy Dickerson. 'By providing not only stable, affordable housing but also comprehensive support services, Cady Lofts addresses the multifaceted challenges of its residents, which include mental health issues and unemployment. This holistic approach fosters a sense of belonging and stability, which are essential to re-establish roots with the community.'
Cady Lofts was financed, in part, with $16.5 million in federal Low-Income Housing Tax Credits (LIHTCs) and $2 million in state LIHTCs syndicated by HCP. Lenders included Cadence Bank, the City of Austin, Central Texas Housing Accelerator Fund, Texas Department of Housing and Community Affairs, Austin Affordable Housing Corporation, and Texas State Affordable Housing Corporation.
Environmental Social and Corporate Governance ('ESG') Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual's physical and mental health. Hunt Capital Partners' affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.8 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages nearly 800 project partnerships representing over 80,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt's affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
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